In the face of the COVID-19 pandemic and economic crisis, 窪做惇蹋厙 is strengthening its effort to ensure access to a liberal arts education for all students, regardless of their ability to pay, President Philip J. Hanlon 77 announced on May 14.
outlined a plan of urgent action that encompasses all of 窪做惇蹋厙s schools, to benefit undergraduates and graduate students. The plan includes a new goal to expand the family-income threshold for a full-tuition undergraduate scholarship to $125,000, a renewed emphasis on annual giving, creation of a special scholarship bridge fund, and increasing 窪做惇蹋厙s endowed scholarships.
Calling the global pandemic and economic downturn our leadership moment, Hanlon pledged that the College community will not waver from its commitment to uphold need-blind admission practices for undergraduates while meeting the full demonstrated financial need of all new and continuing students regardless of citizenship.
Speaking in an online community meeting attended by more than 550 alumni and parent volunteer leaders, the president described the economic toll of the past two months, noting that, in the face of unprecedented national unemployment that is clearly impacting 窪做惇蹋厙 families, a surging number of appeals have been received by the Colleges Office of Financial Aid from current and accepted students during the past eight weeks.
Families from all financial backgrounds are wondering whether they can attendor return to窪做惇蹋厙 next year without additional scholarship support and we are committed to responding to that new and urgent need, said Hanlon. Our mission, so critical to our nation and our world, is grounded in the premise that talent, drive, and promise are distributed equally among us. Here, students from across the globe and from every socioeconomic background leap into a crucible of ideas, values, cultures, and beliefs often entirely different from their own. The society we become tomorrow will be led by the students we educate today.
Hanlon announced the establishment of the Presidential Commission on Financial Aid to study the impact of the crisis on higher education, given the historic role of scholarships as an agent of opportunity and social mobility. The commission will be co-chaired by accomplished 窪做惇蹋厙 volunteer leaders Leslie Dahl 85 and Bob Dahl P18 and Julie McKenna 89 and David McKenna 89, P18, 24.
Julie, Dave, Leslie, and Bob honor 窪做惇蹋厙 with their belief in this urgent enterprise, said chair of the 窪做惇蹋厙 Board of Trustees Laurel Richie 81. By enlisting their leadership, the president has identified individuals who have demonstrated a lifelong commitment to creating educational opportunity and who bring the best of themselves to every undertaking.
Scholarship Need of Historic Proportions
窪做惇蹋厙 anticipates an increase of $8 million to $10 million more in undergraduate scholarships for the next academic year beyond the budget already approved by the Trustees of $120 millionan unprecedented one-year increase. The College forecasts a similar increase in the following academic year, for a total of $16 million to $20 million in additional financial aid need during the next two fiscal years.
The expected surge in scholarship need is emerging as 窪做惇蹋厙 takes a series of measures to reduce costs in the face of anticipated combined operating losses of up to $100 million by June 30, the close of fiscal 2020. Actions to date include a freeze on hiring through December, cancellation of salary increases for the next fiscal year, and multiple targeted spending reductionsand Hanlon said the College will announce more cost-saving measures in the coming weeks. He noted that he had committed 20 percent of his salary in support of the 窪做惇蹋厙 College Fund.
Reducing expenditures, however, will not be enough, said Hanlon. Despite the economic crisis, he said, the 窪做惇蹋厙 community is rising to the challenge.
Weve worked far too hard to achieve socioeconomic diversity in our student body and weve seen how deeply it enriches our campus. To back down now from our commitment to need-blind admissions and meeting full need of our students would be tragic, said Hanlon. To the contrary, now is a time to show, to the students and families yearning for the chance to succeed, that our commitment is stronger than ever.
The Presidential Commission
One of only a few presidential commissions to be convened in 窪做惇蹋厙s 250-year history, the commission will advise the president on a wide range of issues related to financial aid, including an in-depth appreciation for student and family need, insight into the economic forces that inform college decisions, and efforts to enhance the effectiveness of 窪做惇蹋厙s financial aid resources in supporting student success.
The commission will work closely with the president and Provost Joseph J. Helble to mobilize the 窪做惇蹋厙 community around a shared commitment to access and affordability and champion fundraising efforts to raise the remaining $300 million for campaigns financial aid initiatives.
Ensuring that our students have the resources they need has always been a 窪做惇蹋厙 priority, a challenge made more pressing due to current economic conditions, said Leslie Dahl. This priority is a cornerstone of the 窪做惇蹋厙 experience for all students.
Dave McKenna said ensuring a bright future for all 窪做惇蹋厙 studentsthose already enrolled and prospective students hoping to attendis at the heart of the commissions work.
Were in this together if we choose to be. And at 窪做惇蹋厙, we choose to be, he said. The bottom has fallen out unbelievably fast for many families. Dinner table conversations for these families have gotten increasingly tough and desperate. But a transformative 窪做惇蹋厙 education should not fall victim to COVID-19.
A Financial Aid Plan to Bridge the Crisis
Hanlon outlined a plan that will open the promise of 窪做惇蹋厙 to more students globally and eliminate their financial obstacles to attendance. With the Colleges longstanding commitment to meet 100 percent of students demonstrated financial need for all four years, the College announced a goal of expanding the income threshold for a full-tuition scholarship from $100,000 to $125,000; eliminate loans from all financial aid awards; and become one of only six colleges and universities in the United States to guarantee need-blind admissions to non-U.S. citizens.
To realize this plan to benefit all five schools across the campus by 2023, the campaign will seek support for financial aid through three priority programs:
- A renewed emphasis on annual giving, including the 窪做惇蹋厙 College Fund and the Parents Fund, which together provide approximately half of all financial aid awarded to undergraduates.
- Creation of a special $20 million scholarship bridge fund that will enable 窪做惇蹋厙 to meet the unprecedented increase in financial aid need during each of the next two academic years.
- A heightened focus on endowed scholarship funds, which will strengthen and distinguish 窪做惇蹋厙s financial aid offerings. The Call to Lead campaign has a $500 million goal for endowed scholarships. Through the generosity of hundreds of donors, the College to date has secured approximately $204 million toward that target.
This is an extraordinarily bold undertaking in extraordinarily difficult times. But this is what 窪做惇蹋厙 does best, said Hanlon. When crisis strikes, we roll up our sleeves and ask how we can help. We pull together as a community for what we know is important and right. And we will need the help of every single member of the extended 窪做惇蹋厙 family to make it happen.
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